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input and output adjustmen

23 June 2018

1) after paying return what is the journal entry made what is the adjustment entry done.
2) if my gst portal input credit then what is the journal entry make

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5 Replies

RAJA P M ("Do the Right Thing...!!!") (128085 Points)
Replied 23 June 2018

Want more details then Only will give proper entries. Bcoz, Your query is not cleared...

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TARUN DAS (170 Points)
Replied 23 June 2018

example if gst input RS 200 or gst output paid 200 for the month may then journal entry

Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 23 June 2018

when you sell goods
cash ... Dr. 100
sale .... Cr 88
output. Cr. 12

when you purchase
purchase Dr 50
input. Dr 6
To. party. Cr. 56

No transfer both input & output to GST payable Account

Output Dr ... 12
Input. Cr.....6
GST payable .... 6

Now when you deposit tax

GST payable .. Dr. 6
To bank .... Cr 6

TARUN DAS (170 Points)
Replied 23 June 2018

thanks but when I get input credit supposed reverse your example input RS 12 and out put RS 6 then adjustment entry

RAJA P M ("Do the Right Thing...!!!") (128085 Points)
Replied 24 June 2018

It's better to prepare separate adjustment ledgers like IGST Adjustment, CGST adjustment and SGST Adjustment...

After creating You will adjust these head taxes. You can get exact clarity for ITC or Liability...

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